Hyderabad: Anti-Corruption Bureau Intensifies Probe into Formula E Race Scam
The Anti-Corruption Bureau (ACB) has ramped up its investigation into the alleged Formula E race scam in Hyderabad. The case pertains to irregularities in the release of funds to the car racing company responsible for organizing the event. The agency is moving quickly to identify and hold those responsible for the discrepancies.
BRS Working President KT Rama Rao (KTR) has already obtained temporary relief from arrest, as granted by the Telangana High Court, until December 27. According to official sources, the ACB is gathering evidence to establish KTR’s potential involvement in the case. The findings will be submitted to the court to seek permission for questioning the BRS leader.
As part of the probe, ACB officials have met with M Dana Kishore, Principal Secretary of the Municipal Administration and Urban Development (MA&UD) department. They sought information regarding the organization of the Formula E race. Additionally, the ACB team has approached officials from the Hyderabad Metropolitan Development Authority (HMDA) to obtain documents related to communication between the HMDA and the company that managed the races.
The investigation also involves examining financial transactions. The ACB plans to visit the relevant bank to gather details about how funds were transferred for organizing the event. These steps are aimed at uncovering irregularities in the financial dealings related to the race.
Efforts are underway to arrest former MA&UD Secretary Arvind Kumar and HMDA Chief Engineer BLN Reddy, who have been listed as the second and third accused (A2 and A3) in the case. Both individuals are being closely scrutinized for their roles in the alleged scam.
The ACB is also expected to contact the car racing company to obtain critical information. This includes details about the release of Rs 50 crore in funds, reportedly without government approval. The agency is working to determine KTR’s involvement in this decision.
Furthermore, the ACB is investigating the transfer of funds in U.S. dollars to the racing company. Officials allege that this was done in violation of Reserve Bank of India (RBI) norms, which resulted in the state government being penalized by the RBI. The agency is seeking to uncover the complete chain of events and the individuals responsible for these financial irregularities.
